Total sales at Europe’s largest urban shopping centre Westfield London reached £870 million in the 12 months to December 31st 2010, according to a statement from the retail hub’s parent company today.
Westfield Group said that the performance of the west London shopping destination helped net property income in the UK grow 13.2 per cent year-on-year.
In its second year of operation, Westfield London’s total trading level was up 24.7 per cent and had increased 18.8 per cent on a comparable basis.
Almost 100 per cent of Westfield London is leased, with new arrivals in 2010 including women’s fashion retailer Hobbs, and there are plans to grow the retail space further at the centre.
Steven Lowy, Westfield Group Managing Director, said: “We are extremely pleased with the performance of Westfield London and its strong growth year-on-year since opening just over two years ago.
“Demand for space continues to be strong and we are now planning Westfield London’s next stage of development and expansion.”
Meanwhile, Westfield Group’s second major shopping centre in London is set to open later this year at Stratford in the east of the city.
With tenants such as John Lewis and Marks & Spencer, the new development is hoping to capitalise on the increase in footfall to the area brought by the Olympic Games in summer of 2012.
Lord Sebastian Coe told Retail Gazette last week that the development will be good for east London, bringing thousands of jobs and helping regenerate the region.
The London 2012 Chairman and double 1500m Olympic champion added: “The Olympics and Paralympics will play a large part in Westfield Stratford’s early success.”